Walk away and you will be singing the Blues for a long time

The country’s two largest sources of mortgage money have a blunt warning for anyone thinking about joining the growing “walkaway” trend in which homeowners stop making payments and months later send the house keys back to their lender: You will feel the pain.
“Jingle mail” will most certainly come back to haunt you (”Jingle Mail” is [...]

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Los Angeles Times is Spinning Fear Again

“Southland Home Prices Tumble Fast” was the headline that greeted me today as I picked up my morning paper. The thrust of the story was that home prices have slid an average of 19% in the last year.
For those of you who know me well, this kind of reporting drives me crazy. I realize that [...]

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Okay, HUD announced the new limits. Now what?!?

As many of you know, the new loan limits were announced by HUD on Wednesday. These market-specific loan limits will provide significant opportunity to us in many markets, and we know you are anxious to begin applying for both FHA and GSE (Fannie Mae and Freddie Mac) loans using these new loan [...]

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What does the mortgage side of the Stimulus Package mean for you?

 
 

For the immediate future, not much. While this is not the answer most of us want to hear, it is the reality we are facing. Higher limits will certainly help both the refinance and purchase areas of real estate but there are still a lot of details to be taken care of.
Below is the best [...]

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Banks tighten lending standards at record pace

More banks tightened standards on residential and commercial real estate loans during the final quarter of 2007 than at any time in the 17-year history of the Federal Reserve’s quarterly survey of loan officers.A record 55 percent of loan officers at domestic banks surveyed in January said they’d tightened standards on prime residential mortgages [...]

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